PANews February 23 News, according to the latest report from the CFTC, the net short position of CME non-commercial Bitcoin futures traders decreased from about +1,000 contracts last month to approximately -1,600 contracts, indicating that “smart money,” including hedge funds and similar financial institutions, is rapidly turning bullish. This change is similar to the market conditions before Bitcoin prices increased by 190% in 2023 and 70% in 2025.
Currently, Bitcoin is holding above the 200-week EMA (around $68,500), which has served as an important support level in most bear markets over the past decade. Analysts expect that if Bitcoin successfully rebounds, it could reach the 100-week EMA (around $85,000) before April.
However, analyst Tom McClellan warns that the shift of “smart money” reflects market conditions rather than a clear signal, and Bitcoin prices could still further decline to the $40,000 to $50,000 range.
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